Held that mere high volume of transactions & utilization of borrowings in purchase of shares could not alter assessee’s consistent treatment of shares purchased on delivery basis as investment, which was even accepted by revenue for several years. Directed to accept the gain as capital gains. (AY. 2010-11)
Yamini Khandelwal. (Smt.) v. ACIT (2022) 197 ITD 520/ 220 TTJ 485 / 219 DTR 201 (Kol.) (Trib.)/ Suraj Khandelwal v. ACIT (2022) 197 ITD 520/ 220 TTJ 485/ 219 DTR 201 (Kol) (Trib.)
S. 45 : Capital gains-Investment in shares-High volume and frequency of transactions-Shares purchased on delivery basis-Accepted for number of years-Assessable as capital gains. [S. 2(29A) 2(42A), 10(38), 28(i)]